ASIC signals superannuation, banking crackdown

The news: The corporate regulator will, in coming months, announce the results of its investigation of how superannuation funds are handling death benefits claims and continue its crackdown on greenwashing activities by banks and super funds.

The numbers: In an enforcement and regulatory update published today, the Australian Securities and Investments Commission (ASIC) said it had launched 63 new investigations, secured $32.2 million in civil penalties, and nine criminal convictions in the first half of the year.

The context: ASIC recently published its strategic priorities, saying it would step up surveillance of corporates.

What they said: "We are actively conducting investigations into suspected breaches of hardship obligations. We will not hesitate to take enforcement action to ensure compliance", ASIC deputy chair Sarah Court said in a statement accompanying the report.